Providence extends Silverback prospect (Ireland)

Providence Resources has applied for a 12-month extension to Licensing Option (LO) 13/04 which is located in the South Celtic Sea Basin, c. 125 km off the south coast of Ireland.

LO 13/04 is situated in c. 100 metre water depth and is operated by Providence (100%).

The company has applied for an extension until May 2016 in order to carry out further technical studies in relation to source rock adequacy and prospect access.

According to Providence, seismic interpretation and mapping of reprocessed 2D seismic reflection profile data has confirmed the presence of a large Mesozoic structural closure within LO 13/04. The closure as mapped at the top of the primary Lower Triassic Sherwood Sandstone Group level extends over a c. 170 km2 area with the crest situated at a depth of c. 1,500 metres TVDSS.

Volumetric modelling of this primary Silverback reservoir target indicates an initial un-risked Pmean STOIIP of c. 1.36 BBO. Geochemical analysis of the Lower Jurassic shales from offset wells previously drilled within the South Celtic Sea Basin has confirmed the presence of good quality oil prone source rock intervals. A number of further Mesozoic structural closures have also been mapped within LO 13/04.

Speaking today, John O’Sullivan, Technical Director of Providence commented,

“The results of our seismic interpretation and mapping have confirmed the Silverback prospect to be a large Lower Triassic structural closure. Regionally, such Lower Triassic structural plays have enjoyed considerable exploration success with major hydrocarbon accumulations proven at the Wytch Farm, Morecambe Bay and Corrib Fields.

“We are encouraged about the quality of the oil prone source rocks within the Lower Jurassic interval in the basin and have applied for a 12-month extension to LO 13/04 to allow for a further assessment of its potential to charge the Silverback structure. Once we have completed this study, we plan to commence farm-out discussions with potential co-venture partners to progress the Silverback prospect to drilling.”

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